Mary Thacker – Banking in Retirement – Know Your Options

How much do you know about your retirement banking options?

Whether you use a traditional or private bank to manage your money, there are plenty of different bank accounts and products available to you as you move into retirement. Finding out more about what choices are out there is a good way to understand how your money could work for you in the future.

Mary Thacker, Regional Private Banking Executive at First Bank (FBNC), joins us in this episode to answer our questions about navigating your banking choices in retirement. She’s got more than 26 years of experience in the industry, with 15 years in private banking alone, and works closely with her clients and their financial advisors to find the best banking solutions for them.

Tune in to hear our discussion about FDIC rules, using equity lines of credit as cash reserves, and why it’s crucial to arrange a payable on death with your bank.

In this episode find out:

  • Mary’s background in the banking industry
  • The differences between private and traditional banking
  • When you need to work with a private banker
  • The benefits of working person-to-person, rather than online
  • How equity lines work with private banking
  • How to structure your money so it’s FDIC insured
  • What a transfer on death (TOD)/payable on death (POD) is and why it’s important

Tweetable Quotes:

“A private banker comes in when you are very financially active – you have homes and investments – and you need to make sure that all of those things are working for you.” ­– Mary Thacker

“It’s important to have an advisor on both the banking side and the investment side to find out what’s best for you.” – Mary Thacker

Important Links & Mentions:

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

To receive our free book, Get Off the Retirement Rollercoaster, leave a 5-star rating review on Apple Podcasts and send a screenshot to morgan@pomwealth.net.